Forex- U.S. Dollar Eases From Earlier Gains

© Reuters. The dollar was slightly higher on Wednesday. – The dollar eased back from earlier highs on Wednesday, as the Bank of Canada left rates unchanged and the pound and euro recovered from earlier losses.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.00% to 89.29 by 11:02 AM ET (15:02 GMT).

The Bank of Canada (BoC) decided to keep its benchmark interest rate unchanged on Wednesday.

As expected, the BoC said it was holding its overnight cash rate steady at 1.25%. The central bank also noted that inflation remained close to 2% as temporary factors dissipated.

The loonie fell, with increasing 0.34% to 1.2595.

The dollar gained ground against the yen, with rising 0.21% to 107.23..

The euro rose from earlier losses, with up 0.05% to 1.2376. The euro had fallen earlier in the day after data showing that accelerated less than initially estimated last month.

Prices in the euro area rose by an annualized 1.3% in March, up from February’s 1.1%, but weaker than expectations for an increase of 1.4%.

The pound was lower after data showed that fell to 2.5% in March, the lowest in a year. fell 0.39% to 1.4232.

The Australian dollar was higher, with up 0.27% to 0.7788 while decreased 0.11% to 0.7333.

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